5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS 81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB (9(5(77 +$',;HWDO ; 3ODLQWLIIV 1R & 3(33(5 0225( 3ODLQWLII$SSHOODQW ! Y 3(55< s2+1621HWDO 'HIHQGDQWV$SSHOOHHV 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW 1RnsRKQ)HLNHQV'LVWULFWsXGJH 6XEPLWWHGsDQXDU\ 'HFLGHGDQG)LOHG0DUFK %HIRUH%$7&+(/'(50225(DQG&/$<&LUFXLW sXGJHV BBBBBBBBBBBBBBBBB &2816(/ 21 %5,() /HR + )ULHGPDQ 2)),&( 2) 7+( $77251(< *(1(5$/ &255(&7,216 ',9,6,21 +DGL[HWDOYsRKQVRQHWDO 1R /DQVLQJ0LFKLJDQIRU$SSHOOHHV&3HSSHU0RRUHsDFNVRQ 0LFKLJDQSURVH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB .$5(11(/6210225(&LUFXLWsXGJH7KHLQPDWH SODLQWLII & 3HSSHU 0RRUH ILOHG D PRWLRQ IRU FRVWV DQG DQ LQFHQWLYHDZDUGIRUKLVUROHDVDFODVVUHSUHVHQWDWLYHLQWKH FRQWLQXLQJ+DGL[OLWLJDWLRQDFLYLOULJKWVDFWLRQEURXJKWE\ 0LFKLJDQ SULVRQHUV DOOHJLQJ XQFRQVWLWXWLRQDO FRQGLWLRQV RI FRQILQHPHQWWKDWZDVVHWWOHGE\FRQVHQWGHFUHH7KHGLVWULFW FRXUWMXGJHGHQLHG0RRUHj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jIHHVWR WKH +DGL[ SODLQWLIIV IRU SRVWMXGJPHQW PRQLWRULQJ RI WKH GHIHQGDQWVjFRPSOLDQFHZLWKWKHGHFUHH7KHFRQVHQWGHFUHH UHPDLQHGLQHIIHFWXQWLOZKHQLQUHVSRQVHWRWKH3ULVRQ 5HIRUP/LWLJDWLRQ$FWDQGDGHFLVLRQRIWKLVFRXUWVHH+DGL[ YsRKQVRQ)GWK&LUWKHGLVWULFWFRXUW ODUJHO\WHUPLQDWHGWKHFRQVHQWGHFUHH 1R +DGL[HWDOYs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sXULVGLFWLRQ 7KH XQGHUO\LQJ FLYLO ULJKWV DFWLRQ ZDV EURXJKW XQGHU 86&7KHGLVWULFWFRXUWKDGRULJLQDOMXULVGLFWLRQ XQGHU86&7KHMXULVGLFWLRQRIWKHGLVWULFWFRXUW RYHU 0RRUHjV PRWLRQ IRU FRVWV DQG DQ LQFHQWLYH DZDUG LV XQLPSDLUHGE\WKHIDFWWKDWWKH+DGL[FRQVHQWGHFUHHLVQR ORQJHULQHIIHFWKDYLQJEHHQWHUPLQDWHGRQsXQH &RXUWVKDYHMXULVGLFWLRQWRKHDUFODLPVDERXWFRVWVDIWHUILQDO MXGJPHQW6HH%XFKDQDQY6WDQVKLSV,QF86 QRWLQJWKDWDPRWLRQIRUFRVWVXQGHU)HGHUDO5XOH RI &LYLO 3URFHGXUH G LV D SRVWMXGJPHQW PRWLRQ QRW DSSURSULDWHXQWLODIWHUMXGJPHQW&ODUNHY0LQGLV0HWDOV +DGL[HWDOYsRKQVRQHWDO 1R 1R +DGL[HWDOYsRKQVRQHWDO ,QF1R:/DW WK&LU2FW )HGHUDO3UDFWLFHDQG3URFHGXUHDWGHG QRWLQJWKDWm)HG5&LY3GSURYLGHVQRWLPH VWDWLQJWKDWmLWHPVVXFKDVLQYHVWLJDWRU\H[SHQVHVZLOOQRW OLPLW UHJDUGLQJ PRWLRQV IRU FRVWVl 7KLV FRXUW KDV TXDOLI\HLWKHUDVVWDWXWRU\IHHVRUUHLPEXUVDEOHFRVWVlDQGWKDW MXULVGLFWLRQXQGHU86& m>W@KHVHH[SHQVHVPXVWEHERUQHE\WKHOLWLJDQWVl0RRUHjV ORVW ZDJHV FRS\LQJ FRVWV ZRUG SURFHVVRUV DQG UHSDLUV %6WDQGDUGVRI5HYLHZ VXSSOLHV VWRUDJH ORFNHUV DQG SRVWDJH VLPSO\ DUH QRW FRVWV ZLWKLQWKHPHDQLQJRIWKHUXOH $OWKRXJK WKLV FLUFXLW KDV QHYHU DGGUHVVHG WKH LVVXH ZH DJUHHZLWKWKHFLUFXLWFRXUWVWKDWKDYHFRQFOXGHGWKDWDGLVWULFW ,,,&21&/86,21 FRXUWj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mDOORZVGHQLDORIFRVWV DWWKHGLVFUHWLRQRIWKHWULDOFRXUWlFLWDWLRQRPLWWHG &,QFHQWLYH$ZDUG 0RRUHj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µLQFHQWLYHjDZDUGVWRQDPHG VKDOOEHDOORZHGDVRIFRXUVHWRWKHSUHYDLOLQJSDUW\XQOHVVWKH SODLQWLIIVKDVEHHQULJRURXVO\GHEDWHGlVHHDOVR&RKHQY FRXUWRWKHUZLVHGLUHFWVl$OWKRXJK5XOHGDOORZVDSDUW\ 5HVROXWLRQ 7UXVW &RUS )G WK &LU WR EH UHLPEXUVHG IRU LWV mFRVWVl WKLV WHUP LV JLYHQ D IDU KROGLQJ WKDW mµ>Z@KHQ D VHWWOHPHQW H[SOLFLWO\ SURYLGHV IRU QDUURZHU LQWHUSUHWDWLRQ WKDQ LWV YHUQDFXODU PHDQLQJ PLJKW SUHIHUHQWLDO WUHDWPHQW IRU WKH QDPHG SODLQWLIIV LQ D FODVV VXJJHVW6HH&KDUOHV$ODQ:ULJKWHWDO)HGHUDO3UDFWLFH DFWLRQDVXEVWDQWLDOEXUGHQIDOOVXSRQWKHSURSRQHQWVRIWKH DQG 3URFHGXUH DW G HG QRWLQJ WKDW VHWWOHPHQW WR GHPRQVWUDWH DQG GRFXPHQW LWV IDLUQHVVjl m>D@OWKRXJK µFRVWVj KDV DQ HYHU\GD\ PHDQLQJ V\QRQ\PRXV FLWDWLRQRPLWWHG ZLWKµH[SHQVHVjWKHFRQFHSWRIWD[DEOHFRVWVXQGHU5XOHG LV PRUH OLPLWHGl 7D[DEOH FRVWV DUH OLVWHG LQ 86& 7KLV FRXUW KDV QHYHU H[SOLFLWO\ SDVVHG MXGJPHQW RQ WKH 6HH5RJHUVY:DO0DUW6WRUHV,QF)G DSSURSULDWHQHVVRILQFHQWLYHDZDUGV6HH,QUH62KLR&RUU WK&LUm7LWOH86&OLVWVWKHLWHPVD )DFLOLW\)HG$SS[:/DW FRXUW PD\ WD[ DV µFRVWVj WR D SUHYDLOLQJ SDUW\ XQGHU 5XOH WK &LU 'HF QRWLQJ WKDW m>W@KLV FRXUW KDV QRW GlFHUWGHQLHG867LWOH86& SUHYLRXVO\EHHQFDOOHGXSRQWRDSSURYHDJUDQWRILQFHQWLYH OLVWVVL[LWHPV DZDUGVDQGZHLQWLPDWHQRYLHZDVWRWKHSURSULHW\RIVXFK DZDUGVLQJHQHUDOl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jV DWWHQWLRQ 6RPH GLVWULFW FRXUWV LQ WKLV FRPSHQVDWLRQ RI LQWHUSUHWHUV DQG VDODULHV IHHV FLUFXLW KDG FRQVWUXHG 7KRUQWRQ DV VXJJHVWLQJ WKDW LQFHQWLYH DZDUGV DUH H[SHQVHVDQGFRVWVRIVSHFLDOLQWHUSUHWDWLRQVHUYLFHV SURSHU LQ VRPH FLUFXPVWDQFHV 6HH %URWKHUWRQ Y &OHYHODQG ) 6XSS XQGHUVHFWLRQRIWKLVWLWOH G 6' 2KLR ,Q UH 6 2KLR &RUU )DFLOLW\ )5' 6' 2KLR HG@ DQG KHOS>HG@ WR EULQJ mFRVWVl7KLVKRZHYHULVLQFRQVLVWHQWZLWKWKHFRQFHSWRI ULJKWV WR D JURXS RI HPSOR\HHV ZKR KDYH EHHQ WKH YLFWLPV RI FRVWVDUWLFXODWHGLQ6HH&KDUOHV$ODQ:ULJKWHWDO GLVFULPLQDWLRQl 7KRUQWRQ )G DW :H QHHG QRW GHFLGH KHUH ZKHWKHU 7KRUQWRQ LQYROYHG D W\SLFDO LQFHQWLYH DZDUG +DGL[HWDOYsRKQVRQHWDO 1R 1R +DGL[HWDOYs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nIRUWKHDEVHQFHRIDFRPPRQIXQGKHUHPHDQVWKDW0RRUH LQFHQWLYH DZDUGV DUH DSSURSULDWH ZH QHHG QRW UHVROYH WKH ZRXOG KDYH WR REWDLQ WKH LQFHQWLYH DZDUG QRW IURP D GLIILFXOWLVVXHRIGHWDLOLQJSUHFLVHO\ZKHQWKH\DUHDSSURSULDWH FRPPXQDO IXQG EHORQJLQJ WR KLP DQG KLV IHOORZ FODVV nIRUWKLVFDVHLVFOHDUO\QRWDFDVHZKHUHDQLQFHQWLYHDZDUG PHPEHUVEXWIURPWKHGHIHQGDQWVGLUHFWO\0RRUHSKUDVHVLW LVSURSHU$VERWKWKHGLVWULFWFRXUWDQGWKHGHIHQGDQWVQRWH DV PHUHO\ IRUFLQJ WKH GHIHQGDQWV WR UHDOORFDWH VRPH RI WKH LQFHQWLYH DZDUGV DUH XVXDOO\ YLHZHG DV H[WHQVLRQV RI WKH PRQH\IURPWKHLPSOHPHQWDWLRQRIWKHFRQVHQWGHFUHHWRKLV FRPPRQIXQGGRFWULQHDGRFWULQHWKDWKROGVWKDWDOLWLJDQW LQFHQWLYHDZDUGEXWWKDWPLVVHVWKHSRLQWm$FRQVHQWGHFUHH ZKRUHFRYHUVDFRPPRQIXQGIRUWKHEHQHILWRISHUVRQVRWKHU DOWKRXJKLQHIIHFWDILQDOMXGJPHQWLVDFRQWUDFWIRXQGHGRQ WKDQ KLPVHOI LV HQWLWOHG WR UHFRYHU VRPH RI KLV OLWLJDWLRQ WKHDJUHHPHQWRIWKHSDUWLHVl9RJHOY&LW\RI&LQFLQQDWL H[SHQVHVIURPWKHIXQGDVDZKROH6HH%RHLQJ&RY9DQ )G WK &LU FHUW GHQLHG 86 *HPHUW86GHVFULELQJWKHFRPPRQ mµ,WVKRXOG>WKHUHIRUH@EHFRQVWUXHGWRSUHVHUYHWKH IXQGGRFWULQH,QUH62KLR&RUU)DFLOLW\)5' SRVLWLRQ IRU ZKLFK WKH SDUWLHV EDUJDLQHGjl *RQ]DOHV Y Q6'2KLROLVWLQJFDVHVZKHUHLQFHQWLYH *DOYLQ)GWK&LUFLWDWLRQRPLWWHG DZDUGVKDYHEHHQWDNHQRXWRIDFRPPRQVHWWOHPHQWIXQG )RUFLQJWKHGHIHQGDQWVWRSD\WKHLQFHQWLYHDZDUGLVFHUWDLQO\ 7KXVZKHQDFODVVDFWLRQOLWLJDWLRQKDVFUHDWHGDFRPPXQDO DQDGGLWLRQDOH[SHQGLWXUHDQGLWLVWKHUHIRUHLPSHUPLVVLEOH SRRORIIXQGVWREHGLVWULEXWHGWRWKHFODVVPHPEHUVFRXUWV 6HH/RUDLQ1$$&3Y/RUDLQ%GRI(GXF)G KDYH DSSURYHG LQFHQWLYH DZDUGV WR EH GUDZQ RXW RI WKDW WK&LUKROGLQJWKDWDQLQFUHDVHRIRQHSDUW\jV FRPPRQSRRO6HH(QWHU(QHUJ\&RUS)5'DW mILQDQFLDOREOLJDWLRQVXQGHUWKHFRQVHQWGHFUHHEH\RQG>WKH DSSURYLQJLQFHQWLYHDZDUGVRIWRHDFKRIWKHFODVV DJUHHGXSRQDPRXQW@FRQVWLWXWHVDQDEXVHRIGLVFUHWLRQDQG UHSUHVHQWDWLYHVRXWRIDVHWWOHPHQWIXQGRIPLOOLRQ,Q FDQQRWVWDQGlFHUWGHQLHG86 UH 'XQ %UDGVWUHHW &UHGLW 6HUYV &XVWRPHU /LWLJ )5'DWDSSURYLQJLQFHQWLYHDZDUGVUDQJLQJIURP '&RVWV WR RXW RI D PLOOLRQ VHWWOHPHQW IXQG %URWKHUWRQ)6XSSGDWJUDQWLQJD 0RRUHjVVHFRQGFODLPLVWKDWKHLVHQWLWOHGWR FRVWV+H LQFHQWLYH DZDUG RXW RI D PLOOLRQ IXQG :LWKRXW D LQFOXGHV DV KLV mFRVWVl KLV FODLPV IRU ORVW ZDJHV FRS\LQJ FRPPRQIXQGKRZHYHUWKHUHLVQRSODFHIURPZKLFKWRGUDZ FRVWVZRUGSURFHVVRUVDQGUHSDLUVVXSSOLHVVWRUDJHORFNHUV DQLQFHQWLYHDZDUG8QVXUSULVLQJO\ZHDUHXQDEOHWRILQGDQ\ DQGSRVWDJHLQWKHWRWDODPRXQWRI7KHGLVWULFW FDVH ZKHUH D FODLP IRU DQ LQFHQWLYH DZDUG WKDW LV QRW FRXUWTXLFNO\UHVROYHGWKLVFODLPKROGLQJWKDWQRVWDWXWHRU DXWKRUL]HGLQDVHWWOHPHQWDJUHHPHQWKDVEHHQJUDQWHGLQWKH FDVH ODZ DOORZV 0RRUH WR UHFRYHU WKHVH H[SHQVHV ZLWKRXW DEVHQFHRIDFRPPRQIXQG H[SOLFLWDXWKRUL]DWLRQLQWKHFRQVHQWGHFUHH